Crude Oil

WTI Crude prices fell on Friday after equities dropped. Market closed at 100.57 but resistance has seen emerging at 102.00 areas. This week, we expect the market to remain weak in demand if no further rising tension occurs in Ukraine. The market is prone to liquidate at 99.00 support areas before bargain-hunting appears. Observe the resistance at 102.00 – 102.30 areas as breaking above here may re-visit 104.00 regions.

Gold

Gold prices are still resisted at 1307.00 – 1310.00 regions which the trend aims for short-covering arising from Ukraine tension. This week, we reckon the market is prone to travel in either direction depending on the fundamental news. Breaking above 1310.00 resistances will probably test 1325.00 targets. However, the market is also likely to reverse again since weekly chart still has yet turned bullish. Falling may return to 1270.00 areas in case of winding down.

Silver

Silver prices trade sideways last week but firmed towards weekend due to short-covering. The market closed at 17.726 on Friday but needs to conquer above 19.800 in coming week in order to gather bullish strength for higher targets. Technically, we reckon the spike above 19.800 resistances will drive up to 20.500 regions but will depend on the Gold trend as leading instrument. Otherwise, the market trend will probably trade sideways from 19.000 – 20.000 ranges in coming week.

Crude Palm Oil

Crude Palm Oil Futures (FCPO) on Bursa Malaysia Derivatives closed almost unchanged on Friday as market sentiment remained neutral. Market is still looking for direction as supply may contract in coming months. The July contract ended at 2660 in mixed sentiment. This week, we predict support will sit on 2630 levels while escalation is possible to drive the demand up at 2750 areas. However, beware of breaking below 2630 as this might return back to 2600 benchmarks.

This post is contributed by OPF Guest Bloggers, DAR Wong and Chong HC

DAR Wong and Chong HC are the market strategists in APSRI on CPO markets. DAR has 24 years of trading and hedging experiences while HC trades for 6 years and now coaches institutional customers. They can be reached at www.traderpromaster.com

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